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Thomas Malthus
“Prophet of Doom”
Honesty
people should be able to trust your word; dishonestly is a characteristic of command/controlled economies
Industriousness
quality work in an efficient manner; desire to please customers/employers leads to success
Charity; love for other people; hard work can produce goods/services that can help other people
Fortitude
the ability to continue in the face of struggles and problems
Generosity
the ability to share what you have been blessed with (one of the main differences between a command and free economy)
Say’s Law
demand is created by supply
Law of Employment
accepting wages and benefits that reflect the market value of one’s labor
Law of Time Preference
preferring a present good to the same good in the future
axiom
What did Carl Menger and Ludwig von develop economic principles based on
Note 
Flashcard (86)